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Shareholder's Equity and Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Shareholder's Equity and Stock-Based Compensation | Shareholder’s Equity and Stock-Based CompensationThe Company granted 38,188 awards to employees under the 2016 Incentive Award Plan during the nine months ended September 30, 2023, consisting of 36,938 RSU and 1,250 stock option awards having four year vesting schedules. The Company granted an additional 11,187 stock option awards to non-employee directors under the 2016 Incentive Award Plan, during the nine months ended September 30, 2023. These awards are scheduled to vest on the earlier of (a) the day immediately preceding the date of the first annual meeting following the date of grant and (b) the first anniversary of the date of grant, subject to the non-employee director continuing in service through the applicable vesting date. Award Activity The following table sets forth the Company’s stock option activity:
| Nine Months Ended September 30, 2023
| Stock Options |  | Weighted Average Exercise Price
Outstanding - beginning of period | 1,629,148 |  | $ | 89.71 |
Granted | 12,437 |  | $ | 211.25 |
Exercised | (238,492) |  | $ | 41.32 |
Cancelled/Forfeited/Expired | (9,750) |  | $ | 186.77 |
Outstanding - end of period | 1,393,343 |  | $ | 98.39 |
Exercisable - end of period | 950,421 |  | $ | 72.58 |
The following table sets forth the Company’s RSA/RSU activity:
| Nine Months Ended September 30, 2023
| Shares/Units
Outstanding and unvested - beginning of period | 523,377
Granted | 36,938
Vested | (133,039)
Forfeited | (20,809)
Outstanding and unvested - end of period | 406,467
Cumulative vested shares - end of period | 2,362,955
Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock based compensation awards is summarized below (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Total direct costs | $ | 2,745 |  |  | $ | 3,179 |  |  | $ | 8,243 |  |  | $ | 8,744 |
Selling, general and administrative | 2,262 |  |  | 2,615 |  |  | 7,108 |  |  | 7,075 |
Total stock-based compensation expense | $ | 5,007 |  |  | $ | 5,794 |  |  | $ | 15,351 |  |  | $ | 15,819 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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